I'd want to advise real caution, here -
The .32 Federal has 2X the opertaing pressure of the .32 H&R Magnum;
45,000 psi vs "only" 21,000 psi - well beyond the ability of many actions to handle.
This part I agree with.
If you're planning on a Savage 10, 11, 16, etc modern short-action BA rifle, it's probably doable, except that most .32 cal bbls would quickly get shot out at .327 Fed strength.
I don't understand. Is there some common source of soft steel 32 caliber barrels I'm not aware of? I don't understand why a 32 caliber barrel wouldn't last just as long as, say, a 30 or 35 caliber barrel.
BTW, the idea of using a Savage 10 bolt action has a lot of issues. The action would be huge and on most the bolt face is too big. You might want to consider a 223, the bolt face is reasonably close, but you would probably need to change the extractor.
I'd take a look at a Savage 25 made in 22 hornet. The bolt face would have to be opened slightly, the pressure is similar and the length is close enough. Food for thought.
All in all I have to wonder if just getting a TC Contender or Encore in 327 wouldn't be the way to go.